建筑材料行业周报：地产出现“小阳春”信号，板块迎来布局机会

Investment Rating - The investment rating for the building materials industry is "Positive" (maintained) [2] Core Viewpoints - The real estate market is showing signs of a "small spring," indicating potential investment opportunities in the sector. The second-hand housing market has begun to stabilize, with a significant increase in transactions in key cities compared to previous years [2][13] - The construction resumption rate is still slower than previous years, but the decline in funding availability has narrowed, suggesting a gradual recovery in the industry [2] - The report emphasizes the importance of liquidity improvement and suggests that the number of companies in the building materials sector showing year-on-year growth will likely exceed last year [2] Summary by Sections 1. Sector Tracking - The Shanghai Composite Index rose by 1.0%, while the building materials index fell by 1.0%. Notable stock performances include Sichuan Jinding (+43.5%) and Keren Shares (+12.9%) [9] - The report highlights the performance of various segments within the building materials sector, including cement and glass fiber, which experienced declines [9] 2. Data Tracking 2.1 Cement - The average price of 42.5 cement is 395.7 CNY/ton, down 5.7 CNY/ton from the previous period but up 36.3 CNY/ton year-on-year. The cement shipment rate is 22.4%, showing a 10.7 percentage point increase [14] 2.2 Float Glass - The average price of 5mm float glass is 1504.9 CNY/ton, with a slight increase of 1.3 CNY/ton from the previous period but a decrease of 682.6 CNY/ton year-on-year [24] 2.3 Photovoltaic Glass - The average price for 2.0mm coated photovoltaic glass is 12.0 CNY/sqm, unchanged from the previous period but down 4.4 CNY/sqm year-on-year [28] 2.4 Glass Fiber - The average price of non-alkali glass fiber yarn is 4715.0 CNY/ton, stable compared to the previous period but up 740.0 CNY/ton year-on-year [35] 2.5 Carbon Fiber - The average price of large tow carbon fiber is 72.5 CNY/kg, unchanged from the previous period but down 2.0 CNY/kg year-on-year [38] 3. Investment Analysis - The report suggests focusing on three areas: policy-driven opportunities (e.g., Conch Cement), growth potential (e.g., Three Trees, Oriental Yuhong), and liquidity-driven opportunities (e.g., COFCO Technology) [2]